Financing SMEs and Entrepreneurs 2026: Serbia
Table of contents
SMEs dominate the Serbian business economy, accounting for 99% of all enterprises. In 2024, SMEs employed more than 64% of the labour force and accounted for 56.9% of total gross value added and for 63.7% of turnover. Sector-specific data indicate that most SMEs belonged to the trade sector (20.1%), followed by the professional, scientific and innovative activities (16.2%), the manufacturing sector (13.7%), and the transportation and storage (8.0%).
According to the preliminary results from the 2024 SME lending conditions survey conducted by the National Bank of Serbia in 2025, the stock of SME loans in 2024 increased by 7.3% year-on-year to EUR 9.3 billion.
New bank lending to SMEs in 2024 amounted to EUR 6.4 billion (an increase of 17.7% compared to the previous year). The share of new SME loans among total corporate loans decreased by 3.7 percentage points to 31.9% in 2024. The share of outstanding SME loans in total corporate loans decreased to 26.1% (from 27.1% in 2023). Long-term loans decreased as well and amounted to 86.4% of total SME loans.
Interest rates for SME loans in/or indexed to foreign currencies stayed at 6.7% in 2024, maintaining the same level as in 2023. However, the interest rate spread between large companies and SMEs increased to 1.7 percentage points (from 0.5 percentage points in 2024). On Serbian dinar-denominated loans, interest rates were 1.0 percentage points lower compared to the previous year (8.0% vs. 9.0%), and the spread between large companies and SME was 1.4 percentage points.
The rejection rate (the percentage of SME loan applications that are rejected, considering the amount of loans) was 9.7% in 2024 (19.2% in 2023), while the utilisation rate (the percentage of used SME loans among all SME loans that were approved) was 95.9% in 2024 (99.5% in 2023). At the same time, the share of loans requiring collateral (excluding bills of exchange) was 43.2% in 2024 (41.2% in 2023).
The share of NPLs in total SME loans decreased to 3.0% (compared to 3.1% in 2023), while NPLs for the whole corporate sector decreased to 1.7% in 2024 from 2.0% in 2023.
SMEs dominate the Serbian business economy, accounting for 99.8% of all enterprises, most of them (95.5%) being companies with less than 10 employees.
SMEs employed more than 64% of the labour force and accounted for 59.6% of total gross value added and for 63.7% of turnover. Sector-specific data indicate that most SMEs belonged to the trade sector (20.1%), followed by the professional, scientific and innovative activities (16.2%), the manufacturing sector (13.7%), and the transportation and storage (8.0%).
Number and percentage
Source: Statistical Office of the Republic of Serbia.
The National Bank of Serbia conducts an annual survey on SME lending conditions among commercial banks established in Serbia. Data covers financial loans provided by these banks to SMEs as well as cross-border loans.
Despite the unprecedented global energy crisis and heightened geopolitical uncertainty, preliminary results from the 2024 SME lending conditions survey conducted by the National Bank of Serbia indicate that the SME financing conditions did not deteriorate, and in some aspects even improved, as a result of the timely and effective measures adopted by the National Bank of Serbia and Serbian Government to minimize the negative effects of this crisis.
The stock of SME loans in 2024 increased by 7.3% year-on-year to EUR 9.3 billion. In 2024, new bank lending to SMEs increased to 6.4 billion EUR (5.4 billion EUR in 2023). The share of new SME loans among total corporate loans decreased to 31.9 % in 2024. Also, the share of outstanding SME loans in total corporate loans decreased to 26.1%. The share of long-term loans stayed at the same level as in the previous year, accounting for around 86% of total SME loans.
Interest rates were 1.0 percentage points lower compared with the previous year (8.0% compare with 9.0%), and the spread between large companies and SME was 1.4 percentage points.
The rejection rate (the percentage of SME loan applications that are rejected, considering the amount of loans) was 9.7% in 2024 (19.2% in 2023), while the utilisation rate (the percentage of used SME loans among all SME loans that were approved) was 95.9% in 2024 (99.5% in 2023). At the same time, the share of loans requiring collateral (excluding bills of exchange) was 43.2% in 2024 (41.2% in 2023).
The share of NPLs in total SME loans decreased to 3.0% (compared to 3.1% in 2023). On the other side, the NPL of the whole corporate sector decreased to 1.7% in 2024 from 2.0% in 2023.
The Serbian government recognised the development of SMEs as one of the most important economic goals. In November 2023, the Strategy for the Development of Small and Medium-Sized Enterprises for the period from 2023 to 2027 (Strategy) was launched. In 2016, the Year of Entrepreneurship was declared, and after successful actions made during 2016, it was decided in 2017 that the Year of Entrepreneurship be upscaled to the Decade of Entrepreneurship.
Under the Decade of Entrepreneurship programme, many government institutions, chambers of commerce, business associations, international organisations, donors, and NGOs are involved. Activities within this programme relate both to financial support (e.g., loans, subsidies, development of exports, support in entering supply chains, etc.) and non-financial support (such as education, requalification, professional and consulting assistance, etc.).
Ministry of Economy in cooperation with Development Fund implements Entrepreneurship Development Program Through Financial Support for Beginners in Business and youth - Funds under this program could be used for: current maintenance of business or production premises, purchase of equipment (new or used, not older than five years); permanent working capital, which can participate a maximum of 20% in the structure of the total investment that is the subject of financing. Financing structure: grants from the budget, 30% of the investment value (40% in underdeveloped municipalities), and loans from the Development Fund, 70% (60% in underdeveloped municipalities). In 2023, 172 requests worth RSD 180 million of grants were approved.
The Ministry of Economy, in cooperation with the Development Fund, implemented the Entrepreneurship Encouragement Program Through Development Projects in 2023. The funds allocated by the Program were intended for: purchase, construction, extension, reconstruction, adaptation, rehabilitation, investment maintenance of production space or business space that is part of the production space, or space for storage of own products, raw materials and intermediate goods; purchase of new or used production and construction equipment (not older than five years), including tools, as well as for delivery vehicles for the transport of own products and other means of transport used in the production process; working capital, which can make up to 10% of the total investment; procurement of software and computer equipment. 62 requests worth RSD 301.6 million of grants were approved.
Ministry of Economy in cooperation with Serbian Development Agency and commercial banks, implements the Support Program for Small Enterprises for the Procurement of Equipment - Entrepreneurs, micro, and small legal entities and cooperatives that meet the requirements of the Program may be entitled to financial support in the amount of up to 25% of the grant from the net value of the investment. The remaining amount of the project value is financed from loans from commercial banks and leasing companies, with the economic entity being obliged to provide a share of 5% of the net value of production equipment. In 2022, a dedicated budget of EUR 26 million was allocated, of which EUR 10 million was provided from the EU pre-accession funds - IPA 19. Ministry of Economy and Serbian Development Agency signed a contract with the EU - Scaled up and technologically improved production capacity solutions among micro and small enterprises and entrepreneurs. In 2023, 547 requests worth RSD 1.40 billion of grants were approved.
Ministry of Economy in cooperation with Development Fund implements Support Program for Women Entrepreneurs -Funds under the Program could be used from Ministry of Economy in cooperation with Development Fund implements the purchase of equipment and delivery vehicles that are used to transport own products, raw materials and other means of transport included in the production process (new or used, not older than five years);ongoing maintenance of business and/or production space; operating costs that could participate at most up to 20% in the structure of the total investment. In 2023 315 requests worth RSD 4898 million of grants were approved.
The Program for the Promotion of Entrepreneurship and Self-employment is implemented by the Public Investment Management Office in cooperation with the Development Fund of the Republic of Serbia and the professional support of KFW. The goal of the Program is to encourage the development of entrepreneurship through joint support for the establishment of new economic entities. In that way, conditions would be created for sustainable growth and employment. The total available funds for the realization of this program are RSD 300 million.
Support Program to Enter the Supplier Chains of Multinational Companies –was launched in 2019 and the following groups of activities can be financed through the Program:
1. Investment in tangible assets of the Program Beneficiary, such as purchase of high-performance production and process equipment; Purchase of equipment for advanced quality control; Purchase of autonomous robots and collaborative robots; Improvement of production facilities, etc;
2. Investment in intangible assets of the Program Beneficiaries, such as quality system certifications; Introduction of software solutions; Costs of creating a prototype or trial series of a product delivered to the MNC; Providing funds for the insurance of the SMEs from liability, etc.
3. Consulting support for quality system certification according to the requirements of industry-specific standards, Consulting support for improving business performance: Consulting support for optimisation of production and business processes, Consulting support for the introduction or improvement of corporate governance, Consulting support for the introduction of rules, procedures and reporting related to ESG factors; etc.
Every beneficiary undergoes diagnostics of business performances, to reach an agreement on intervention measures which can be co-financed. For the realization of the Program for the year 2022, a budget in the amount of RSD 240 million has been carried out through two Public Calls. Serbian Development Agency signed 16 grant contracts with program beneficiaries during 2023, in the amount of approx. RSD 186 million, and 3 contracts were signed in the beginning of 2024. By the end of 2023, a public call for 2023 was announced, and had been open until March 2024. with total budget of RSD 270 million, for this public call.
Support Program for Export Promotion- The objectives of the Program are to grow the domestic added value of the exported products, to integrate the domestic exporters in foreign value chains, to advance the quality and the complexity of the exported products, and to accelerate the sales volume of the domestic products.
The program co-finances the following groups of related activities of companies related to the improvement of export potentials, in accordance with the company's application and the results of the diagnosis of export capabilities: Consulting support for export marketing activities; Exhibition at international fairs and business meetings; Entering the target market and improving the position on the same; Consulting support for the improvement of export capabilities; Improvement of production capabilities.
A budget in the amount of RSD 190 million has been allocated for the implementation of this program in 2023, and the public call was published in December 2023. During 2024 Serbian Development Agency signed 38 contracts with selected beneficiaries.
Support Program for Competitiveness Development - This program will contribute to increasing the level of use of standards in production and business organization, product certification, management systems, as well as increasing the use of other services in the field of quality infrastructure. The available funds are approved individually to the beneficiaries, with a refund as co-financing in the amount of up to a certain percentage of the total amount of justified costs for each project activity. The public call was launched in December 2022 with total budget of RSD 100 million. During 2023 it is planned to select beneficiaries, conclude contracts with beneficiaries and refund approved grants.
The Smart Start Program, implemented by the Innovation Fund, is support program for early-stage start-ups to help them in their efforts to validate business ideas and demonstrate future usefulness of their technology by developing a first prototype or a minimum viable product. The program awardees will receive financial and mentorship support for execution of the first phase of market research, engaging in product development, establishing a business model and beginning preparation for the next phase of fundraising. Since 2021, through three public calls, the Innovation Fund approved support for 100 start-ups, in the total amount of EUR 4.1 million lion. In 2023, 31 start-ups received support in amount of EUR 1.1 million, and in 2024 42 start-ups in amount of EUR 2.1 million.
The Mini Grants Program, implements by the Innovation Fund, is aimed to support start-ups during the critical phase of research and development and to allow them to grow effective business capacities through which they will launch their innovations on the market. Applicants must be micro or small enterprises incorporated in Serbia, majority-owned (51% or more) by Serbian residents, and not older than ten years at the time of application submission. The financing amount is EUR 80,000 per project, which has increased to EUR 120,000 per project from 2023, covering up to 70% of the total project budget for a maximum duration of 12 months. Since 2011, through 15 public calls, grants of EUR 25.2 million were approved for 307 innovative projects. In 2023, the support is approved for 67 start-ups, in the amount of EUR 7.2 million.
The Innovation Fund also implements the Matching Grants Program, intended for SMEs that need significant financial resources for the commercialisation of research and development. The program aims to further develop existing innovative knowledge-based companies, encourage the establishment of cooperation with international partners and increase the number of technology companies. The financing amount is EUR 300 000 per project, which has increased to EUR 500 000 per project from 2023, covering up to 70% of the total project budget for a maximum duration of 18 months. Since 2012, through 12 public calls, grants of EUR 26.97 million have been approved for 92 innovative projects. In 2023, EUR 7.15 million was approved for 15 projects.
The Innovation Fund implements Collaborative Grant Scheme Program, aiming to encourage SMEs and public sector research organizations to implement joint research and development projects with the idea of creating new or improving existing commercially viable products and services, such as an innovative technology with a significant impact on future development and market potential. The financing amount is EUR 300 000 per project, which has increased to EUR 500 000 per project from 2023, covering up to 70% of the total project budget for a maximum duration of 18 months. Since 2017, through 8 public calls, grants of EUR 22.6 million have been approved for 77 innovative projects. In 2023, EUR 6.56 million was approved for 14 projects.
The Acceleration program Katapult, implements by the Innovation Fund, is intended for start-ups that are in the early stages of product development and market positioning (Ideation), as well as those with proven market traction that aim to accelerate their growth and raise additional financial resources (Scale-up). The Katapult consists of a three-month intensive training program with financial support that is available as At-Entry Grant from EUR 20 000 to EUR 50 000 and a Co-Investment Grant equal to a qualifying investment of up to EUR 300 000 per start-up (less the amount of an At-Entry Grant received).
A total of 81 start-ups have successfully completed the Katapult accelerator programme to date, while the accelerator programme for the fifth cohort is currently underway. The fifth cohort, selected in March 2026, consists of 9 high-potential start-ups, predominantly from Belgrade and primarily operating in the ICT sector. During the 12-week accelerator programme, the selected start-ups work intensively with more than 30 mentors to strengthen their business operations, refine growth strategies, and enhance their investment readiness through tailored mentoring and capacity-building support. In terms of investment attraction, 46 out of 81 supported start-ups successfully secured qualified private investments totaling EUR 18.56 million, which leveraged an additional EUR 11.4 million in co-investment grants provided by the Innovation Fund. Furthermore, 7 start-ups from the fourth cohort have applied for the Co-Investment Grant and are currently undergoing evaluation.
The Innovation Fund also implements the Innovation Voucher Scheme. Innovation vouchers are a simple financial mechanism that enables SMEs to use science-research sector services to raise the level of innovation of their products and become more competitive in the market. The maximum amount approved per innovation voucher is up to RSD 800 000, i.e., the innovation voucher covers up to 60% of the total costs of the service. One applicant can be granted several innovation vouchers in the total maximum amount of RSD 2 400 000. Since 2017, nine public calls, 1272 innovation vouchers were issued in total RSD 745.4 million. In 2023, the Innovation Fund opened the ninth public call and issued 210 innovation vouchers worth RSD 120 million.
The Innovation Fund implements the Serbia Ventures Program with the aim of investing in newly established venture capital funds in Serbia as a limited partner and helping these funds generate a significant market impact on Serbia's innovation ecosystem. The Innovation Fund investment was granted with EUR 10 million to the two most successful applicants, as determined by the results of the first public call (2022).
In 2023, the Innovation Fund launched the second public call with the aim of encouraging the establishment of venture capital funds in Serbia that will invest in biotechnology startups. Based on this public call, out of six submitted applications, the Evaluation Commission made a decision to approve funding for one application. To ultimately receive the funds within this program, the selected applicants must be fully registered and licensed by the Republic of Serbia Securities Commission as a legal entity registered specifically for managing alternative investment funds and registering a VC fund in Serbia. It is expected to be established and start operating in 2024.
In 2024, the Innovation Fund launched a new public call with the aim of supporting the establishment of a venture capital fund amounting to EUR 5 million for investing in high-growth potential startups in the field of artificial intelligence, through partnerships with private investors and institutions.
In 2023, the Innovation Fund designed and launched the GovTech program with the aim of supporting the creation and use of innovative solutions in the public sector, to encourage the use of new technologies in solving the complex challenges that public sector faces every day. The GovTech program consists of two phases. In the first phase, public sector entities nominated challenges they face in their business, for which no adequate solution is available on the market. Out of the 54 challenges that were received, the Innovation Fund selected 24 and requested SMEs and S&R organizations to submit solutions. After receiving 47 solution proposals, 19 were selected to be financed with RSD 137,8 million (~EUR 1.1 million). Based on the first public call in 2024, 19 solution proposals were selected, with a total of RSD 137.8 million (~EUR 1.1 million) in approved funding. The development and implementation of the solutions began on June 1, 2024. Based on the second GovTech public call (on November 20, 2025, open until January 12, 2026), the Innovation Fund approved support for 10 solutions to be developed in collaboration with public institutions. These solutions focus on testing practical, technology-driven applications (based on AI, IoT, GIS, and machine learning) to improve efficiency, transparency, and service delivery.
Digital Transformation Support Program - The goal of the MSME Digital Transformation Support Program is to create a clear infrastructure to support MSMEs in the digital transformation process. The MSME Digital Transformation Support Program for 2023 is implemented through three phases, as follows: Development of individual Expert Analysis for MSMEs by a Certified Consultant, including company self-assessment; Development of a Digital Transformation Strategy for MSMEs by a Certified Consultant, for selected areas listed in the Expert Analysis; Non-refundable subsidy of the Centre for Digital Transformation up to 6,000 euros for regular digital solutions and up to EUR 12 000 for artificial intelligence solutions (implementation of a defined solution through consulting) which, in fact, equalizes the amount that the company itself is ready to invest in its digital transformation; Supervision of the implemented solution. The total budget of the Program is RSD 349 million.
Development Fund Loans for Fixed Current Assets - Loans for permanent working capital are intended for economic entities classified as micro, small, medium and large legal entities, registered in the relevant register in the Republic of Serbia, which submit financial reports for the previous two years in which no loss is stated, as follows: economic entities that are majority privately or state-owned, except for public enterprises; economic entities with a share of social capital of less than 40%.
Development Fund Loans / Guarantees for Micro and Small Legal Entities to Maintain Current Liquidity - Loans for maintaining current liquidity projects are intended for economic entities classified as micro, small, medium and large legal entities, including economic entities operating in underdeveloped and extremely underdeveloped areas.
Development Fund Investment Loans - This financial support is planned to finance the purchase of office space, procurement of imported and domestic equipment (technological, transport, etc.), construction, upgrade, adaptation and rehabilitation of office space, it is possible to refund funds if investments are made in the period of six months before the request for credit and relate to the investment in question. The Fund may also approve investment loans for the purchase of a legal entity or property in bankruptcy proceedings and assets in enforcement proceedings, as well as investment loans for the purchase of shares. 20% of the total loan can be used for the purchase of permanent working capital.
Loans for Exporters - The program is implemented by the Export Insurance and Financing Agency (AOFI). AOFI approves credit arrangements in local currency with a repayment period of up to five years to exporters - domestic legal entities and entrepreneurs. AOFI realized until October 2024: 46 loan lots in the amount of EUR 19.9 million.
Guarantees for Exporters - AOFI issues guarantees on request and by order of domestic legal entities and entrepreneurs, provided that the exporter, in addition to the contract which is the basis for issuing the guarantee, has: realized export in the value of at least EUR 100 000.00 in the previous year or other appropriate proportional amount realized in the current year until the moment of submitting the request, with possession of the contract whose subject is export work in the value of at least EUR 100 000 in the current year; achieved a positive net operating result in the previous year. AOFI issued until 31.10.2024. 12 active and 6 payable guarantees, in the total amount of EUR 20,011,179.
Factoring - A financial instrument by which a factor (AOFI) finances export companies based on future, not matured (outstanding) receivables arising from the sale of goods or services on foreign and domestic markets. Pursuant to the Law on Factoring, and in accordance with the conditions, AOFI performs factoring activities - purchase of receivables, for the needs of exporters. Funds allocated from the budget for 2024. amounts to RSD 700 million.
In 2024, the Ministry of Economy launched 9 support programs to stimulate the economy, providing approximately 2 billion dinars in grants. With additional funding from commercial banks, leasing companies, and the RS Development Fund, the total value of the incentives will reach around 4 billion dinars.
This year, the programs introduced new beneficiary categories that have been recognized for their importance, including single mothers, hunting and fishing, wineries and spirits, traditional arts and crafts, dual education, and the promotion of family and women's entrepreneurship in rural areas.
Support programs are as follows:
Program of support to small enterprises for the purchase of equipment in 2024 (in cooperation with banks and leasing companies). Amount of grants RSD 800 million/percentage of grants 50%, company participation 5%. The effect of the program is RSD 1.52 billion placed in the economy. 200 applications for this program have been approved.
Development opportunity program – line for processing industry in 2024 (in cooperation with Bank Poštanska štedionica). Amount of grants RSD 600 million. The percentage of grants is 50%, the company's participation is 5%. The effect of the program is RSD 1.14 billion placed in the economy. 45 applications for this program have been approved.
Program to encourage the development of hunting, fishing, production of wine, beer and distillates in 2024 (in cooperation with the Development Fund). Amount of grants RSD 160 million/ percentage of grants 30%. The effect of the program is RSD 533 million placed in the economy. 18 applications for this program have been approved.
Support program for the development of ancient and artistic crafts and domestic crafts. The amount of grants is RSD 10 million /percentage of grants 100%. The effect of the program is RSD 10 million placed in the economy. 174 applications for this program have been approved.
Program to encourage entrepreneurship development through financial support for women entrepreneurship and women single parents in 2024 (in cooperation with the Development Fund). Amount of grants RSD 100 million /percentage of grants 50-55%. The effect of the program in 2024 is RSD 200 million placed in the economy. 61 applications for this program have been approved.
Entrepreneurship Development Program Through Financial Support for Beginners in Business and Youth in 2024. Amount of grants RSD 100 million / percentage of grants: 30% for start-ups, and 40% for young people up to 35 years old. The effect of the program in 2024 is RSD 234 million placed in the economy. 67 applications for this program have been approved.
Support program for strengthening the capacity of employers involved in dual education in 2024 (In cooperation with Office for Dual Education). The amount of grants is RSD 50 million. Percentage of grants 100%. The effect of the program is RSD 50 million placed to companies and an incentive for further participation in the program. 113 applications for this program have been approved.
Support program for the development of rural women’s entrepreneurship in 2024 - the amount of grants is RSD 30 million, and the percentage of grants is 100%. The effect of the program is RSD 30 million placed in the economy. 104 applications for this program have been approved.
Program for the allocation of support funds to local self-government units in order to achieve a public objective for the local or wider community- The total amount available for the implementation of this program is RSD 1 million in grants. The maximum amount per local self-government unit is RSD 100 000.00. 5 local self-government units have been supported by this program.
Since the beginning of 2025, the Ministry of Economy has launched 7 support programs as follows:
Financial Support Program for the Placement of Honey and Other Bee Products in 2025. The amount of grants is RSD 50 million. Percentage of grants 50% max.
Support Program for Family Businesses and Entrepreneurs in 2025-credit line. The total available credit funds for the implementation of this program have been secured through the Development Fund in the amount of RSD 500 million.
Support Program for Family Businesses and Entrepreneurs in 2025. The amount of grants is RSD 400 million. Percentage of grants 50% max.
Support program for the development of rural women’s entrepreneurship in 2025. The amount of grants is RSD 50 million. Percentage of grants 100%.
Financial Support Program for the Top 35 Business Ideas of Young People up to the Age of 35. The amount of grants is RSD 18 million. Beneficiaries may be eligible for non-refundable funds in the amount of up to RSD 500 thousand.
Financial Support Program for Young Entrepreneurs Who Are Beginners in Business-credit line. The total available credit funds for the implementation of this program have been secured through the Development Fund in the amount of RSD 1 billion.
Support Program for the Economic Development of Municipalities with Pronounced Negative Demographic Trends in 2025. The amount of grants is RSD 50 million. Percentage of grants 50% max.
Note: For business loans total and business loans to SMEs there is a break in the time series in 2012. Starting 2012 data of one additional bank was included in the survey and part of increase can be attributed to their inclusion in the data. Source: See.
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